INDEPENDENT NEWS

Govt trashes NZ’s foreign investment reputation

Published: Fri 14 Dec 2018 04:20 PM
A new global survey of the oil and gas industry shows the Government has trashed New Zealand’s reputation as a destination for foreign investment with its reckless oil and gas ban, according to ACT Leader David Seymour.
The Fraser Institute's survey of over 250 global executives on barriers to investment in the industry shows New Zealand has plummeted from 14th last year to 46th this year. Our score of 65.89 out of 100 was down from 82.61.
“Investors will now be looking to other countries with more stable and predictable regulatory environments. New Zealand is seen as a hostile destination for investment, especially towards resource development.
“New Zealand ranked highly for political stability in 2017, but now more than 40 per cent of respondents say that factor strongly deters investment.
“This sentiment will lead to fewer jobs and lower wages in the oil and gas sector. The government will receive fewer royalties and less tax revenue with which to pay for core services.
“We already have the toughest restrictions on foreign direct investment in the developed world, according to the OECD.
“If we want a successful economy, with more jobs and higher incomes, the Government needs to needs to create a regulatory environment in which foreign investment is welcomed."
Note to editors: The Fraser Institute is a Canadian public policy think tank. Each year it surveys oil industry executives on barriers to investment in oil and gas exploration and production in various jurisdictions. The survey can be found here: https://www.fraserinstitute.org/studies/global-petroleum-survey-2018.
http://www.act.org.nz/
ends

Next in New Zealand politics

Whakatōhea High Court Decision
By: The Maori Party
Judith Collins - Speech To Lower North Island Regional Conference
By: New Zealand National Party
Fair Pay Agreements To Improve Pay And Conditions For Essential Workers
By: New Zealand Government
Statement On The Speaker And Annual Review Debate
By: New Zealand Government
Mallard Fails To Give Taxpayers A Straight Answer
By: New Zealand National Party
Independent Review To Explore Future For Local Government
By: New Zealand Government
PM Ardern And PM Morrison - Commencement Of Two-way Quarantine-free Travel Between Australia And New Zealand
By: New Zealand Government
Whakatohea Hapū Win Customary Marine Title In High Court
By: Te Ringahuia Hata
Branko Marcetic: Labour’s Pay Freeze Isn’t Just A Betrayal Of Workers – It’s A Rejection Of Mainstream Economic Thinking
By: Victoria University of Wellington
Labour Stuck In 1970s With National Awards 2.0
By: New Zealand National Party
ACT Would Repeal Undemocratic Compulsory Unionism
By: ACT New Zealand
Bus Drivers And Supermarket Workers Will Welcome Fair Pay Agreements
By: First Union
E tū Welcomes Next Steps For Fair Pay Agreements
By: E tu
Fair Pay Agreements Should Be Terminated
By: Business NZ
FPAs Have No Place In Modern Workplace - Canterbury Chamber
By: Canterbury Employers' Chamber Of Commerce
View as: DESKTOP | MOBILE © Scoop Media